The Nigerian government is taking decisive steps to suspend multiple taxation nationwide, signaling a major breakthrough in tax reforms. The move aims to alleviate the burden on citizens and businesses caused by redundant and excessive taxes.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed in an exclusive interview with Channels Television that the committee’s top priority is to ensure that Nigerians feel the direct impact of its tax reforms. Oyedele emphasized the committee’s proposal to establish a single tax window, streamlining the complex landscape of import and export taxation.

“We are striving to implement mechanisms that will translate the tax reforms into tangible benefits for the people. We are urging state and local governments to suspend burdensome taxes, and consultations are already underway with governors,” Oyedele explained.

Highlighting the staggering intricacies of taxation, Oyedele expressed concern over the exorbitant 73 taxes levied on goods transportation from Northern to Southern Nigeria, amounting to a bewildering 2500 to 3000 taxes. He stressed the need to rectify this unjust system by alleviating the immense financial strain on businesses and ultimately empowering the Nigerian populace.

The committee’s focus on improving the export-import framework is paramount as it significantly impacts the economy and international trade. Oyedele underscored ongoing engagements with customs and stakeholders, reaffirming the government’s commitment to addressing prevalent issues within its purview.

Proposing a simplified approach, Oyedele emphasized the implementation of a single window tax payment system, aiming to streamline the complex process of exporting and importing goods.

Building upon the significant strides, it is noteworthy that President Bola Ahmed Tinubu appointed Oyedele and other members to undertake the crucial task of overhauling the country’s tax sector. The submission of 20 recommendations to the President in October 2023 represents a crucial milestone in fast-tracking solutions to Nigeria’s fiscal challenges.

The planned suspension of multiple taxation across Nigeria embodies a watershed moment in the nation’s journey towards a fairer and more conducive tax regime, ultimately fostering economic growth and prosperity.